<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-K/A
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 1997
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-9169
BERNARD CHAUS, INC.
(Exact name of registrant as specified in its charter)
New York 13-2807386
(State or other jurisdiction of (I.R.S. employer identification number)
incorporation or organization)
1410 Broadway, New York, New York 10018
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(212) 354-1280
SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
Title of each class Name of each exchange on which registered
------------------- -----------------------------------------
Common Stock, $0.01 par value New York Stock Exchange
SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: None
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days Yes X No
-----
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates
of the registrant on October 6, 1997 was $11,120,002 .
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Date Class Shares Outstanding
---- ----- ------------------
October 6, 1997 Common Stock, $0.01 par value 26,277,274
LOCATION IN FORM 10-K IN
DOCUMENTS INCORPORATED BY REFERENCE WHICH INCORPORATED
----------------------------------- ------------------
None
1
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PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K.
(a) Financial Statements and Financial Statement Schedule: See List of
Financial Statements and Financial Statement Schedule on page F-1.
(b) The Company did not file a Form 8-K during the last quarter of its
fiscal year ended June 30, 1997.
(c) Exhibits filed herewith are denoted by an (*)
(d) Exhibits previously filed are denoted by an (**):
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3.1 Restated Certificate of Incorporation (the "Restated Certificate") of
the Company (incorporated by reference to Exhibit 3.1 of the Company's
Registration Statement on Form S-1, Registration No. 33-5954 (the
"1986 Registration Statement").
3.11 Amendment dated November 18, 1987 to the Restated Certificate
(incorporated by reference to Exhibit 3.11 of the Company's
Registration Statement on Form S-2, Registration No. 33-63317 (the
"1995 Registration Statement").
3.12 Amendment dated November 15, 1995 to the Restated Certificate
(incorporated by reference to Exhibit 3.12 of Amendment No. 1 to the
1995 Registration Statement).
3.2 By-Laws of the Company, as amended (incorporated by reference to
Exhibit 3.1 of the Company's Form 10-Q for the quarter ended December
31, 1987).
3.3 Amendment dated September 13, 1994 to the By-Laws (incorporated by
reference to Exhibit 10.105 of the Company's Form 10-Q for the quarter
ended September 30, 1994).
10.1 Restricted Stock Purchase Plan (incorporated by reference to Exhibit
10.1 of the Company's Form 10-K for the year ended June 30, 1987).
10.2 1986 Stock Option Plan, as amended and restated as of January 1, 1987
(the "1986 Stock Option Plan") (incorporated by reference to Exhibit
10.2 of the Company's Form 10-K for the year ended July 1, 1989 (the
"1989 Form 10-K")).
10.3 Amendment No. 1 to the 1986 Stock Option Plan (incorporated by
reference to Exhibit 10.3 of the 1989 Form 10-K).
10.4 Amendment No. 2 to the 1986 Stock Option Plan (incorporated by
reference to the Company's Proxy Statement for its 1990 Annual Meeting
of Stockholders).
10.5 Amendment No. 3 to the 1986 Stock Option Plan (incorporated by
reference to the Company's Proxy Statement for its 1991 Annual Meeting
of Stockholders).
10.6 Amendment No. 4 to the 1986 Stock Option Plan (incorporated by
reference to the Company's Proxy Statement for its 1993 Annual Meeting
of Stockholders).
10.7 Amendment No. 5 to the 1986 Stock Option Plan as amended (incorporated
by reference to the Company's Proxy Statement for its 1995 Annual
Meeting of Stockholders).
2
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10.8 Incentive Award Plan (incorporated by reference to Exhibit 10.6 of the
1986 Registration Statement).
10.9 Agreement dated December 3, 1990 among the Company, Bernard Chaus,
Josephine Chaus and National Union Fire Insurance Company of
Pittsburgh, Pa., the Company's directors and officers liability
carrier (incorporated by reference to Exhibit 10.31 of the Company's
Form 10-Q for the quarter ended December 31, 1990).
10.10 Employment Agreement, dated July 1, 1991, between the Company and
Josephine Chaus (incorporated by reference to Exhibit 10.39 of the
Company's Form 10-K for the year ended June 30, 1991).
10.11 Employment Agreement dated June 3, 1994 between the Company and Wayne
Miller (incorporated by reference to Exhibit 10.89 of the Company's
Form 10-K for the year ended June 30, 1994 (the "1994 Form 10-K")).
10.12 Employment Agreement dated September 1, 1994 between the Company and
Andrew Grossman with Stock Option Agreement dated as of September 1,
1994 by and between the Company and Andrew Grossman (incorporated by
reference to Exhibit 10.90 of the 1994 Form 10-K).
10.13 Employment Agreement dated December 14, 1996 between the Company and
Michael Winter (incorporated by reference to Exhibit 10.68 of the
Company's Form 10-Q for the quarter ended December 31, 1995 (the
"December 1995 Form 10-Q").
10.14 Waiver dated September 23, 1993 to the Restated and Amended Financing
Agreement between the Company and BNY Financial Corporation (the
"Financing Agreement") effective July 1, 1992 (incorporated by
reference to Exhibit 10.82 of the Company's Form 10-K for the year
ended June 30, 1993 (the "1993 form 10-K).
10.15 Waiver dated November 5, 1993 to the Financing Agreement (incorporated
by reference to Exhibit 10.83 of the Company's Form 10-Q for the
quarter ended September 30, 1993).
10.16 Amendment, effective October 1, 1993, to the Financing Agreement
(incorporated by reference to Exhibit 10-84 of the Company's Form 10-Q
for the quarter ended December 31, 1993 (the "December 1993 Form
10-Q")).
10.17 Waiver dated January 13, 1994 to the Financing Agreement (incorporated
by reference to Exhibit 10.85 of the December 1993 Form 10-Q).
10.18 Waiver dated February 10, 1994 to the Financing Agreement
(incorporated by reference to Exhibit 10.86 of the December 1993 Form
10-Q).
10.19 Waiver dated May 4, 1994 to the Financing Agreement (incorporated by
reference to Exhibit 10.87 of the Company's Form 10-Q for the quarter
ended March 31, 1994).
10.20 Waiver dated September 20, 1994 to the Financing Agreement
(incorporated by reference to Exhibit 10.93 of the 1994 Form 10-K).
10.21 Agreement, dated June 15, 1988, between the Company and Bernard Chaus
and Josephine Chaus, amending the terms of the Company's subordinated
promissory notes to each of them, each in the principal amount of
$7,365,000, the form of which was filed as Exhibit 10.13 of the 1986
Registration Statement (incorporated by reference to Exhibit 10.11 of
the Company's Form 10-K for the year ended July 2, 1988).
3
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10.22 Agreement, dated May 17, 1990, between the Company and Bernard Chaus
and Josephine Chaus amending the terms of the Company's subordinated
promissory notes to each of them, each in the principal amount of
$7,365,000, the form of which was filed as Exhibit 10.13 of the 1986
Registration Statement.
10.23 Agreement, dated February 21, 1991, between the Company and Bernard
Chaus and Josephine Chaus amending the terms of the Company's
subordinated promissory notes to each of them, each in the principal
amount of $7,365,000 (incorporated by reference to Exhibit 10.74 of
the 1993 Form 10-K).
10.24 Subordinated promissory notes, dated March 12, 1991, between the
Company and Bernard Chaus and Josephine Chaus, separately, each in the
amount of $5,000,000 (incorporated by reference to Exhibit 10.75 of
the 1993 Form 10-K).
10.25 Agreement, dated July 31, 1991, between the Company and the Estate of
Bernard Chaus and Josephine Chaus amending the terms of the Company's
subordinated promissory notes to each of them, each in the principal
amount of $7,365,000 (incorporated by reference to Exhibit 10.76 of
the 1993 Form 10-K).
10.26 Agreement, dated July 31, 1991, between the Company and the Estate of
Bernard Chaus and Josephine Chaus amending the terms of the Company's
subordinated promissory notes to each of them, each in the principal
amount of $5,000,000 (incorporated by reference to Exhibit 10.77 of
the 1993 Form 10-K).
10.27 Agreement, dated July 15, 1992, between the Company and the Estate of
Bernard Chaus and Josephine Chaus amending the terms of the Company's
subordinated promissory notes to each of them, each in the principal
amount of $5,000,000 (incorporated by reference to Exhibit 10.78 of
the 1993 Form 10-K).
10.28 Agreement, dated October 30, 1992, between the Company and the Estate
of Bernard Chaus and Josephine Chaus amending the terms of the
Company's subordinated promissory notes to each of them, each in the
principal amount of $7,365,000 (incorporated by reference to Exhibit
10.79 of the 1993 Form 10-K).
10.29 Demand Notes, dated June 30, 1993, between the Company and the Estate
of Bernard Chaus and Josephine Chaus, each in the principal amount of
$1,520,216 (incorporated by reference to Exhibit 10.80 of the 1993
Form 10-K).
10.30 Agreement, dated September 21, 1993, between the Company and the
Estate of Bernard Chaus and Josephine Chaus amending the terms of the
Company's subordinated promissory notes to each of them, each in the
principal amount of $7,365,000 (incorporated by reference to Exhibit
10.81 of the 1993 Form 10-K).
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10.31 Subordinated promissory notes, dated August 1, 1993, between the
Company and Josephine Chaus and the Estate of Bernard Chaus,
separately, each in the amount of $208,716 (incorporated by reference
to Exhibit 10.94 of the 1994 Form 10-K).
10.32 Subordinated promissory note, dated August 1, 1993, between the
Company and Josephine Chaus in the amount of $1,311,500 (incorporated
by reference to Exhibit 10.95 of the 1994 Form 10-K.)
10.33 Subordinated Promissory Note, dated August 1, 1993, between the
Company and the Estate of Bernard Chaus in the amount of $1,000,000
(incorporated by reference to Exhibit 10.96 of the 1994 Form 10-K).
10.34 Subordinated promissory note, dated August 1, 1993, between the
Company and the Estate of Bernard Chaus, in the amount of $311,500
(incorporated by reference to Exhibit 10.97 of the 1994 Form 10-K).
10.35 Subordinated promissory notes, dated December 31, 1993, between the
Company and Josephine Chaus and the Estate of Bernard Chaus,
separately, each in the amount of $181,056 (incorporated by reference
to Exhibit 10.98 of the 1994 Form 10-K).
10.36 Subordinated promissory notes, dated December 31, 1993, between the
Company and Josephine Chaus and the Estate of Bernard Chaus,
separately, each in the amount of $412,950 (incorporated by reference
to Exhibit 10.99 of the 1994 Form 10-K).
10.37 Agreements, dated September 9, 1993, between the Company and Josephine
Chaus and the Estate of Bernard Chaus, separately, reflecting
amendments to subordinated promissory notes, each in the principal
amount of $5,000,000 (incorporated by reference to Exhibit 10.100 of
the 1994 Form 10-K).
10.38 Agreements, dated October 18, 1993, between the Company and Josephine
Chaus and the Estate of Bernard Chaus, separately, reflecting
amendments to subordinated promissory notes, each in the principal
amount of $1,520,216 (incorporated by reference to Exhibit 10.101 of
the 1994 Form 10-K).
10.39 Agreements, dated October 18, 1993, between the Company and Josephine
Chaus and the Estate of Bernard Chaus, separately, reflecting
amendments to subordinated promissory notes, each in the principal
amount of $7,365,000 (incorporated by reference to Exhibit 10.102 of
the 1994 Form 10-K).
10.40 Agreement, dated December 31, 1993, between the Company and Josephine
Chaus reflecting amendments to a subordinated promissory note in the
principal amount of $1,311,500 (incorporated by reference to Exhibit
10.103 of the 1994 Form 10-K).
10.41 Agreement, dated December 31, 1993, between the Company and the Estate
of Bernard Chaus, reflecting amendments to subordinated promissory
notes, in the
5
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principal amounts of $1,000,000 and $311,500 (incorporated by
reference to Exhibit 10.104 of the 1994 Form 10-K).
10.42 Agreement, dated November 9, 1994, between the Company and Josephine
Chaus extending the due dates on subordinated promissory notes
(incorporated by reference to Exhibit 10.107 of the Company's Form
10-Q for the quarter ended September 30, 1994 (the "September 1994
Form 10-Q")).
10.43 Agreement, dated November 9, 1994, between the Company and the Estate
of Bernard Chaus extending the due dates on subordinated promissory
notes (incorporated by reference to Exhibit 10.108 of the September
1994 Form 10-Q).
10.44 Agreement, dated December 19, 1994, assigning the subordinated notes
from the Estate of Bernard Chaus to Josephine Chaus (incorporated by
reference to Exhibit 10.110 of the Company's Form 10-Q for the quarter
ended December 30, 1994 (the "December 1994 Form 10-Q").
10.45 Agreement, dated January 11, 1995, between the Company and Josephine
Chaus extending the due dates on subordinated promissory notes
(incorporated by reference to Exhibit 10.111 of the December 1994 Form
10-Q).
10.46 Agreement, dated November 22, 1994, between the Company and Josephine
Chaus issuing 32,500 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.112 of the Company's Form
10-Q for the quarter ended March 31, 1995 (the "March 1995 Form
10-Q")).
10.47 Agreement, dated November 22, 1994, between the Company and Josephine
Chaus issuing 206,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.113 of the March 1995 Form
10-Q).
10.48 Agreement, dated November 22, 1994, between the Company and Josephine
Chaus issuing 338,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.114 of the March 1995 Form
10-Q).
10.49 Agreement, dated November 22, 1994, between the Company and Josephine
Chaus issuing 640,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.115 of the March 1995 Form
10-Q).
10.50 Waiver dated November 7, 1994, to the Financing Agreement
(incorporated by reference to Exhibit 10.106 of the September 1994
Form 10-Q).
10.51 Waiver dated February 10, 1995 to the Financing Agreement
(incorporated by reference to Exhibit 10.109 of the December 1994 Form
10-Q).
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10.52 Agreement effective February 21, 1995 (the "Old Bank Debt Agreement")
between the Company and BNY Financial Corporation restating and
amending the Financing Agreement (incorporated by reference to Exhibit
10.116 of the March 1995 Form 10-Q).
10.53 Waiver dated September 14, 1995 to the Old Bank Debt Agreement
(incorporated by reference to Exhibit 10.5 of the 1995 Registration
Statement).
10.54 Agreement effective as of September 28, 1995 relating to the Old Bank
Debt Agreement (incorporated by reference to Exhibit 10.58 of the 1995
Registration Statement).
10.55 Agreement dated April 28, 1995 between the Company and Josephine Chaus
extending the due dates on subordinated promissory notes (incorporated
by reference to Exhibit 10.117 of the March 1995 Form 10-Q).
10.56 Agreement dated September 8, 1995 between the Company and Josephine
Chaus extending the due dates on subordinated promissory notes
(incorporated by reference to Exhibit 10.60 of the 1995 Registration
Statement).
10.57 License Agreement dated as of September 6, 1995 between the Company
and Nautica Apparel Inc. (incorporated by reference to Exhibit 10.61
of the 1995 Registration Statement, confidential portions of which
have been omitted and filed separately with the Commission subject to
an order granting confidential treatment).
10.58 Agreement dated October 9, 1995, between the Company and Josephine
Chaus, extending the due dates on subordinated promissory notes and
clarifying the subordination provision (incorporated by reference to
Exhibit 10.65 of the 1995 Registration Statement).
10.59 Agreement dated October 9, 1995, between the Company and Josephine
Chaus, providing the Company with an option to extend the Letter of
Credit to July 31, 1996 (incorporated by reference to Exhibit 10.66 of
the 1995 Registration Statement).
10.60 Agreement dated October 27, 1995 between the Company and Josephine
Chaus extending the due dates on subordinated promissory notes
(incorporated by reference to Exhibit 10.67 of the Company's Form 10-Q
for the quarter ended September 30, 1995).
10.61 Agreement dated November 15, 1995 between the Company and Josephine
Chaus issuing 815,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.69 of the December 1995 Form
10-Q).
7
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10.62 Agreement dated November 15, 1995 between the Company and Josephine
Chaus issuing 535,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.70 of the December 1995 Form
10-Q).
10.63 Agreement dated November 15, 1995 between the Company and Josephine
Chaus issuing 230,000 warrants to purchase Common Stock of the Company
(incorporated by reference to Exhibit 10.71 of the December 1995 Form
10-Q).
10.64 Amendment and waiver dated May 9, 1996 to the Financing Agreement
(incorporated by reference to Exhibit 10.73 of the Company's Form 10-Q
for the quarter ended March 31, 1996).
10.65 Amendment No. 4 dated September 17, 1996 to the Financing Agreement
(incorporated by reference to Exhibit 10.65 of the Company's Form 10-K
for the year ended June 30, 1996).
10.66 Lease dated June 12, 1996 between the Company and L. H. Charney
Associates, relating to the Company's facility at 1410 Broadway, New
York, New York (incorporated by reference to Exhibit 10.66 of the
Company's Form 10-K for the year ended June 30, 1996).
10.67 Amendment No. 5 dated January 31, 1997 to the Financing Agreement
(incorporated by reference to Exhibit 10.67 of the Company's Form 10-Q
for the quarter ended December 31, 1996).
10.68 Waiver dated February 4, 1997 to the Financing Agreement (incorporated
by reference to Exhibit 10.68 of the Company's Form 10-Q for the
quarter ended December 31, 1996).
10.69 Consulting Agreement dated as of December 31, 1996 between the Company
and Michael Winter (incorporated by reference to Exhibit 10.69 of the
Company's Form 10-Q for the quarter ended December 31, 1996).
10.70 Agreement dated February 19, 1997, between the Company and BNY
Financial Corp. issuing 125,000 warrants to purchase Common Stock of
the Company (incorporated by reference to Exhibit 10.70 of the
Company's Form 10-Q for the quarter ended March 31, 1997).
10.71 Amendment No. 6 dated March 21, 1997, to the Financing Agreement
(incorporated by reference to Exhibit 10.71 of the Company's Form 10-Q
for the quarter ended March 31, 1997).
10.72 Amendment No. 7 dated April 1, 1997, to the Financing Agreement
(incorporated by reference Exhibit 10.72 of the Company's Form 10-Q
for the quarter ended March 31, 1997).
8
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10.73 Amendment No. 8 dated April 29, 1997, to the Financing Agreement
(incorporated by reference Exhibit 10.73 of the Company's Form 10-Q
for the quarter ended March 31, 1997).
10.74 Waiver dated May 5, 1997, to the Financing Agreement (incorporated by
reference Exhibit 10.74 of the Company's Form 10-Q for the quarter
ended March 31, 1997).
**10.75 Commitment Letter dated as of June 26, 1997, between the Company and
BNY Financial Corp.
**10.76 Cash Collateral Deposit Letter dated as of July 23, 1997, between
Josephine Chaus and BNY Financial Corp.
**10.77 Cash Collateral Deposit Letter dated as of October 10, 1997, between
Josephine Chaus and BNY Financial Corp.
**10.78 Amended and Restated Cash Collateral Deposit Letter dated as of
October 10, 1997, between Josephine Chaus and BNY Financial Corp.
**10.79 Second Restated and Amended Financing Agreement dated as of October
10, 1997, between the Company and BNY Financial Corp.
21 List of Subsidiaries of the Company (incorporated by reference to
Exhibit 21 of the Company's Form 10-K for the year ended June 30,
1995).
*27 Financial Data Schedule.
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* Filed herewith.
** Previously filed.
9
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Amendment to the Annual Report
on Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly
authorized, on November 6, 1997.
BERNARD CHAUS, INC.
By: /s/ Barton Heminover
-------------------------------
Barton Heminover
Vice President -- Corporate
Controller and Assistant
Secretary
10
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<PAGE>
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<CURRENCY> U. S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-1-1996
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 330
<SECURITIES> 0
<RECEIVABLES> 12,826
<ALLOWANCES> 5,375
<INVENTORY> 23,746
<CURRENT-ASSETS> 32,095
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<CURRENT-LIABILITIES> 64,824
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0
0
<COMMON> 269
<OTHER-SE> (57,060)
<TOTAL-LIABILITY-AND-EQUITY> 34,138
<SALES> 160,100
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<CGS> 125,422
<TOTAL-COSTS> 168,596
<OTHER-EXPENSES> (113)
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<INTEREST-EXPENSE> 8,030
<INCOME-PRETAX> (16,413)
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